Legal Question in Credit and Debt Law in Maine

Co-signing

i co-signed on a car loan with my ex-fiance.After we split up, i agreed to let her have the car. now i am trying to get my name off the loan, and so far have been told the only way is to have her refinance it under her name only. The problem is she has been declined by several banks because she has only been working full time for only three months. Is there any other way to get my name off seeing as we were engaged at the time of purchase, and isn't an engagement a legal binding agreement? She is fully willing to cooperate.


Asked on 11/20/03, 4:30 pm

1 Answer from Attorneys
Jerome Gamache Ainsworth Thelin & Raftice, P.A.

Re: Co-signing

Thank you for your question. The loan you co-signed is a contract between you and the bank, even though you and your former fiancee are to "share" the liability and the car. You are each 100% responsible, regardless of how you agree to "share" the car and the liability.

The bank does not have to agree to remove you from the loan, and in my experience will rarely do so. The best bet for her refinance is to find another co-signor such as a parent, maybe someone who has had a long term relationship with the refinacing bank or credit union.

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Answered on 11/20/03, 4:52 pm


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